Cooperatives and MSMEs Cabinet Secretary Wycliffe Oparanya has announced he will be going after Hustler Fund Defaulters.
Speaking on Friday, August 23 during the KEPSA annual SME conference, Oparanya noted that 21 million Kenyans borrowed money from Husler Fund with 19 million of them disappearing without repaying the loans.
“The Husler Fund was very innovative, digital, but the problem we have had with it is that in the first round, 21 million people browed money. Out of the 21 million, 19 million disappeared with the money. Only two million people are borrowing regularly,” said Oparanya.
The Cooperatives CS noted that the money borrowed from the Hustler Fund is public money and should be repaid for others to also enjoy.
“This is public money which should be borrowed and repaid so that other people benefit from it. For those 19 million, I am coming for you to make sure that you pay so that others can benefit,” he stated.
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Oparanya mentioned that his Ministry is coming up with a system to track the Husler Fund defaulters to their homes.
“We are coming up with a system that will now track you and know where you are. You will see someone knocking,” Oparanya remarked.
President William Ruto launched the Husler Fund in November 2022 to support Kenyans with products that are responsive to their enterprises.
The loan product is available through mobile money service platforms.
